[April 18, 2014]For most people, some life event
will usually prompt them to start seriously thinking about planning for
their own demise. Maybe it is the death of a loved one, a birth or
prompting from a friend or colleague.

Whatever the case may be, we can be assured that we will not
live forever. When I talk to people who want to get serious
about the process, they frequently want to know what they can do
in advance to maximize the productivity of our meetings. I have
a deep affection for lists, so, without further ado:

1. Compile a list of assets and liabilities.

The value of what you own will likely play a large role in your
overall estate plan. How your assets are owned (jointly or
individually) is also important. This may seem like a daunting
task, but unless you are as wealthy as Mark Cuban, it is not as
difficult as it would seem. While you are creating your list,
it is a great time to compile supporting account statements,
deeds, vehicle titles, etc. If you have all of these documents
in a centralized location, you will make someone's life much
easier down the road.

2. Think about who you want to wind up your affairs
after you are gone.

Remember that person I mentioned in No. 1 whose life is going to be made easier? They thank you in advance for taking
No. 1 to heart.

3. Think about who you want to take care of your
minor children.

If you do not have minor children, feel free to continue
enjoying your peace and quiet while you skip to No. 4. If
you do have minor children, you may come to find that you and
your spouse or significant other may not immediately agree on this
topic. I assure you, this is a conversation you would rather
have in the comfort of your own home.

With some limited exceptions, people have fairly broad discretion to
have their assets distributed after their death as they see fit. However,
unless these wishes are outlined in an enforceable last will and
testament, the state will make this determination for you. Based on
the state of Illinois' track record, that is probably not a risk you
want to run.

5. Write down the questions you have.

This seems unnecessary, but writing questions down as you think of
them will ensure that they are not forgotten or overlooked.

I have to admit, contemplating my own mortality is not enjoyable.
But, in my mind, protecting the assets I have worked hard for, and
assuring my loved ones are cared for, far outweighs that somewhat
uncomfortable reality. It is also important to remember, just
because you have a will does not mean you are required to use it
anytime soon.